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Ralph Lauren raises full-year revenue outlook on luxury demand rebound -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A security guard is seen outside Ralph Lauren’s Beverly Hills store, California during the COVID-19 outbreak, on July 30, 2020. REUTERS/Mario Anzuoni/File Photo

(Reuters) – Ralph Lauren Corp (NYSE 🙂 increased its full-year revenue outlook Tuesday due to a rebound in North American demand for premium apparel.

The shares of New York-based firm rose 2.5% during premarket trading

As consumers return to socializing, and spend more on luxury goods this year than in 2020 due to pandemic-driven weakness, the luxury goods sector has rebounded strongly.

LVMH, Brunello Cucinelli, and Hermes are also European competitors to Ralph Lauren. They have reported significant sales increases despite worries about China’s slowdown and a lack of tourist shopping- a crucial source of revenue.

According to the retailer, it anticipates that constant currency fiscal 2022 revenues will rise by 34%-36% in comparison to a previous forecast of a 25-30% increase.

Ralph Lauren’s net income increased from $1.19 million a year prior to reach $1.50 billion during the third quarter ending Sept. 25, an increase of $1.50 billion. According to Refinitiv IBES data, analysts had an average revenue estimate of $1.47 trillion.

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